New York's Signature bank collapses, becomes 2nd US Bank to be shut down
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New York-based Signature Bank was shut by regulators in the US, becoming the second bank in the country after Silicon Valley Bank (SIVB.O) to have collapsed within a span of less than a week. The Federal Deposit Insurance Corporation (FDIC) has been appointed as a receiver, which typically means it will liquidate the bank's assets to pay back its customers, including depositors, and others.